Discharge of liabilities in respect of money purchase benefits
154.—(1) This paragraph applies where—
(a)the Board assumes responsibility for an eligible scheme in accordance with this Chapter, and
(b)one or more members are entitled, or have accrued rights, under the scheme rules to money purchase benefits.
(2) Regulations must make provision in respect of cases to which paragraph (1) applies requiring the Board to secure that liabilities in respect of such benefits transferred to the Board under Article 145 are discharged by it in the prescribed manner.
(3) The provision made under paragraph (2) must include provision prescribing the manner in which protected rights are to be given effect to.
(4) In this Article—
“accrued rights”, under the scheme rules, include pension credit rights within the meaning of Article 121(1) of the 1995 Order;
“protected rights” has the meaning given by section 6 of the Pension Schemes Act (protected rights and money purchase benefits).